DataSine, an AI-powered marketing startup, has raised $5.2m in a Series A funding round in Europe and the U.S, led by Pentech and Propel Venture Partners. DataSine fuses AI technology and psychology to create a customized marketing strategy for businesses, so that each customer may be better reached. DataSine’s funding round closed just before the launch of its new product, Pomegranate.
Using Pomegranate, DataSine’s new content personalization platform, machine learning will be applied to behavioral data that has previously been collected by businesses. That behavioral data is then revised by DataSine’s AI-powered content editing platform, resulting in tailored content such as words and images. Although Pomegranate is not set to launch until March, the platform already integrates with HubSpot and MailChimp, with more to come.
Since being founded in 2015, DataSine’s technology has already attracted an existing Enterprise customer base across Europe, and can personalize content such as emails, landing pages, and call center scripts. According to the startup, DataSine has already helped achieve uplifts of up to 80 per cent in engagement and 71 per cent in sales using its unique approach.
“I launched DataSine after moving to London to do a PhD in Psychology because I believed that personality can help companies understand their customers as a whole, which empowers them to truly connect with customers through every interaction, and move beyond traditional focus of click optimization. By helping businesses build genuine connections, we hope to change the way businesses see their customers” DataSine founder and CEO Igor Volzhanin said. “With this round of funding, we are now in a great position to deliver on our mission to empower companies to treat their customers like individuals.”
According to Boston Consulting Group, personalization will prompt a revenue shift of $800bn to the 15 per cent of companies that successfully attempt it over the next five years within the retail, health care, and financial services sectors. Analysts at Technavio also predict the global AI-based personalization market will grow at a CAGR of almost 13 per cent between 2018 and 2022.
“We feel DataSine is particularly well-positioned to bring psychology and AI to address contemporary marketing challenges,” Marc Moens, a partner at Pentech, said. “The idea that digital communications can be tailored for an individual in the age of Big Data is very appealing and addresses the needs of the market. DataSine has a proven ability to drive business outcomes through their technology and we are happy to support them in their growth.”
“Personalized communication has long been the holy-grail for marketers. DataSine, built by experts in AI and psychology, holds tremendous promise in delivering personalization at scale. We have been impressed with the traction with global financial institutions and ability to help marketers and business leaders improve sales conversion and customer engagement,” said Rohit Bodas, partner at Propel Venture Partners.